The Fund

Fidelity Private Credit Fund

Current Income Solution from an Institutional-Quality Private Credit Provider

BDC

Harness the power of Fidelity's resources and industry experience

Fidelity Private Credit Fund (the Fund) leverages Fidelity's more than 50 years in the credit markets, more than $620 billion* in credit investments under management and our vast proprietary credit and equity research platform.

* Fidelity Investments as of 12/31/22

An overview of Fidelity Private Credit Fund

Hear directly from Portfolio Manager David Gaito as he discusses the Fund, Fidelity's first business development company (BDC).

Your browser doesn’t support video.

Why Fidelity Private Credit Fund?

Experience

A powerful combination of Fidelity’s 50+ years in the credit markets with a team that averages over 20 years of middle market lending experience

Risk Adjusted

Primarily invests in senior secured, floating rate loans that may help mitigate impacts in down markets and offer a hedge against rising interest rates

Capital Preservation Focused

Focused on capital preservation while seeking to generate current income greater than what is available in public credit markets

Access & Exposure

Provides exposure to private markets that have historically exhibited lower volatility and lower correlation to public markets

Advantages of a Business Development Company (BDC) Structure

Compared to typical private credit investments
A BDC is a specialty finance company regulated under the Investment Company Act of 1940, that lends to businesses to help them meet their capital needs and grow. BDCs help investors generate current income by providing them access to these institutional loan investments. These loans typically provide higher dividend yields but include more credit risk than investment grade investments—and should not be considered a substitute. 

Financial Advisors interested in Fidelity Private Credit Fund

If you are an individual investor, please reach out to your Financial Advisor.

Fidelity Private Credit Fund

PRINCIPAL TERMS
Investment Adviser Fidelity Diversifying Solutions LLC 
Eligible Investors Eligibility minimums apply and vary by state of residence. See prospectus for details.
Fund Structure  Public, non-listed, perpetually offered business development company (BDC)
Minimum Investment  Share class specific
Subscriptions Monthly at NAV (fully funded) accepted on the first business day of each month with 5 business days advanced notification
Distributions Monthly distributions not guaranteed and subject to Board approval
Liquidity
  • Intends to make quarterly repurchases of up to 5.0% of fund shares at NAV at quarter end
  • Shares not held for at least 12 months and tendered for repurchase are subject to repurchase at 98% at NAV
  • Not guaranteed and subject to Board approval. The share repurchase program may be modified, suspended or terminated at the Board’s discretion
 
Leverage Expected range 0.90X–1.5X debt-to-equity with a regulatory cap at 2.0X
Tax Reporting Form 1099 DIV

FEES
Management Fee 1.25% of net (vs. gross) assets
Incentive Fee
  • 12.5% of net investment income subject to 5% annualized hurdle rate and catch-up 5% paid and calculated quarterly
  • 12.5% of realized gains net of realized and unrealized losses paid annually
Additional Fees
CLASS S & D ONLY
  • Certain financial intermediaries may directly charge you transaction or other fees up to a 3.50% cap on NAV for Class S shares and a 1.50% cap on NAV for Class D shares, as it states in the Prospectus, and a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares, and for Class D shares, a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV.
  • The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering
 


SHARE CLASS SPECIFIC FEES CLASS I                CLASS S CLASS D
      Only available through certain non-Fidelity financial intermediaries
Minimum Investment $25,0001   $2,500 $2,500
Upfront Placement Fee None   Up to 3.5% Up to 1.5%
Maximum Early Repurchase Deduction2 2.00%   2.00% 2.00%
Total Annual Expenses 5.08%   5.93% 5.33%
Total Annual Expenses (after expense support)3 3.80%   4.65% 4.05%